Abu Dhabi [UAE], May 18 : Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and US President Donald Trump participated in the UAE-US Business Dialogue on Friday, held at Qasr Al Watan in Abu Dhabi, as reported by Gulf News.
The event showcased current and future areas for collaboration between the two nations across a wide array of mutual interests. It also reviewed advancements under the significant USD 1.4 trillion investment plan in the US, which was announced in Washington, DC earlier this year, through which Emirati investment institutions are engaging in strategic sectors, including energy, artificial intelligence, advanced technology, and industry, according to Gulf News.
Conducted as part of President Trump's state visit to the UAE, which commenced on Thursday, the dialogue aimed to enhance economic and investment collaboration between the two nations, fostering economic growth, job creation, and innovation in both countries, as highlighted by Gulf News.
Gulf News reported that multiple new agreements were unveiled during the event across crucial sectors, including energy, healthcare, aviation, industry, AI, advanced technology, entertainment, sports, and tourism.
In the energy sector, strategic agreements were made to enable up to USD 60 billion in American investments for UAE energy projects. These included ADNOC's development plan with ExxonMobil aimed at increasing production capacity at the Upper Zakum offshore field; a separate agreement with Occidental to explore potential capacity upgrades at the Shah Gas field; and the awarding of a new concession for unconventional oil and gas exploration in Abu Dhabi to EOG Resources. Additionally, XRG signed a framework agreement with Occidental's subsidiary 1PointFive to investigate a significant investment in a direct air capture (DAC) facility in Texas. Both parties also agreed to initiate a comprehensive strategic partnership in the energy sector, as stated in the Gulf News report.
In technology and innovation, the Abu Dhabi Investment Office (ADIO) announced a collaboration with Qualcomm to create an advanced global engineering center in Abu Dhabi, focusing on next-generation IoT, AI, and data center solutions. This facility will serve as Qualcomm's newest global engineering hub and will support strategic initiatives in the emirate through partnerships with local and international companies situated in Abu Dhabi. It will also bolster the UAE's global engineering capabilities by providing tailored products and services across essential sectors such as energy, industry, logistics, retail, and smart mobility, according to Gulf News.
In manufacturing, Emirates Global Aluminium (EGA) revealed progress in its plans to establish the first new primary aluminium production plant in the US since 1980. EGA will invest US$4 billion in this initiative. Furthermore, EGA signed an agreement with the Tawazun Council and RTX to explore opportunities for developing gallium production capabilities in Abu Dhabi, as reported by Gulf News.
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